If my ex-boyfriend and I are separating and selling our home, do we entitled to spilt the profits?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my ex-boyfriend and I are separating and selling our home, do we entitled to spilt the profits?
We have lived in it for 4 years. He put down the downpayment of 35K; we are both on the deed although I am not on the mortgage. We have been together for years and have supported each other financially for about 5-6 of those years. He believes that he is going to take the 35k off the profit and then we can split the rest. Is that true or am I entitled to 50% of the entire profit of the home?
Asked on October 16, 2011 under Real Estate Law, Massachusetts
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you and your former boyfriend are selling your home and you did not contribute any portion of the home's down payment, but your are on the home's title and you contributed to the home's upkeep during your ownership, the way to split the net profits from the sale is as follows:
1. from the amount that you the sellers receive from escrow after the sale, your former boyfriend gets back the $35,000 he put down on the home as a return of his capital investment.
2. once this $35,000 is returned to him, the balance of the amount left is split evenly between you two since you each own a fifty percent ownership in the home.
You might wish to consult with a real estate attorney about the division of the profits to be on the safe side.
Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.